Mt Logan Re Since January Another Bermuda reinsurer is venturing into the third-party capital asset management arena by launching a sidecar reinsurance vehicle. Launched by Everest Re as a Bermuda domiciled vehicle aimed at attracting investor capital and putting it to use underwriting collateralised reinsurance business.
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The Intermediaries Guarantee Facility IGF is a facility set up by the short-term Insurance Industry generally for the purposes of providing security in terms of Section 45 of the Short Term Insurance Act read together with regulation 4 thereto. Why do we need to have an IGF guarantee?
A short-term insurer may not authorise a person in writing to act as an independent intermediary, to receive, hold or in any other manner deal with premiums payable to it under short term policies, unless that person has provided security in terms of the Regulations Part 4 and Section 45 of the Short Term Insurance Act, Is this a new requirement, who decided we need this guarantee?
No, the Act came into effect in How do we go about getting this guarantee? All information and application forms are on the website. If you require any further assistance please contact IGF.
At what rate does the guarantee premium get calculated? The guarantee premium is calculated on a sliding scale. A sample calculation is available on the website under Application documents.
Can the premium be paid on a monthly basis? No, it must be paid annually on renewal or application. What will happen if we do not apply for the guarantee and who monitors this for compliance? The FSB monitors compliance and if you do not have a guarantee in place, you could be fined.
On your financial year end. How did you get to the collateral amount being requested? The underwriting rules are on the website under IGF Application. Do we have to complete all the forms every year?
Why do we have to pay a deposit premium and why is it the same as previous year?
A deposit premium is paid to extend the previous guarantee. This is based on the previous year until we get the new guarantee amount. How does the guarantee work, who will pay the claims?
The guarantee protects the insurer and IGF will pay out the claim for the guarantee in place, only if all documents have been submitted and premiums are up to date.
IGF Intermediaries Guarantee Facility is a facility set up by the short-term insurance industry generally for the purposes of providing security in terms of Section 45 of the Short Term Insurance Act read together with regulation 4 thereto.
A short-term insurer may not authorise a person in writing to act as an independent intermediary, to receive, hold or in any other manner deal with premiums payable to it under short term policies unless that person has provided security in terms of the Regulations Part 4 and Section 45 of the Short Term Insurance Act IGF Intermediaries Guarantee Facility Limited Intermediaries Guarantee Facility is a facility set up by the short-term insurance industry generally for the purposes of providing security in terms of Section 45 of the Short Term Insurance Act read together with regulation 4 thereto.This market briefing will cover a brief description of the docking cycle, key differences between a planned and an unplanned docking.
Costs incurred by ship owners during a repair docking and minimising vessel downtime will also be highlighted. Protect your personal and business investments with Travelers Insurance.
From auto insurance to homeowners or business insurance, we have the solution to suit your needs. Insurance is a means of protection from financial loss.
It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.A person or entity who buys insurance is known as an insured or as a policyholder.
Professional Indemnity Insurance.
Get a quote >> Air Underwriting – Professional Indemnity for D & C Risks. Air Underwriting has a delegated authority agreement in place with XL Catlin and the Argo International Syndicate.
We can quote for D & C Professional Indemnity risks for Builders and allied trades through our on-line facility. However, one major difference between surety bonds and insurance is that surety underwriters issue bonds with the assumption that the surety will not lose any money if a claim is made against the bond.
A surety bond indemnity agreement is a contract between the principal and the surety company, that transfers risk from the surety to the. Glossary of Insurance Terms. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business.
New terms will be added to the glossary over time.